$50 Million Announcement for Miramichi

Premier Alward announced just minutes ago, a new Economic Development and Innovation Fund for Miramichi. $50 Million dollars is being allocated for the Miramichi Region to support businesses.

News Release:

Regional Development Corporation
Office of the Premier

New economic development and innovation fund for Miramichi region

28 October 2011

Media Contact(s)

Bruce Macfarlane, Regional Development Corporation, 506-444-4606.

MIRAMICHI (CNB) – The provincial government is establishing the $50-million Miramichi Regional Economic Development and Innovation Fund to stimulate job creation and address the economic challenges of the Miramichi region.

“This new fund will help empower businesses and communities to grow, create jobs and find new ways to attract and retain investment in the Miramichi region,” said Premier David Alward.

Alward and Economic Development Minister Paul Robichaud unveiled the fund as part of the government’s overall provincial economic strategy. Business and municipal leaders from the region attended the announcement.

“Our plan for the Miramichi region is to invest in priority sectors that will support and accelerate the growth and innovation of our local entrepreneurs,” said Robichaud.

The fund will support projects intended to develop, diversify and grow the economy and communities of the region by finding new ways to attract and retain investment. It will focus on five prioritized areas:

● growth and development capital;
● adoption of information and communication technology;
● research, development and innovation;
● improving strategic infrastructure: and
● advanced workforce development

Under the management of the Regional Development Corporation, the fund will provide incremental assistance of $50-million over a four-year period from September 2011, to March 31, 2015. Assistance may be in the form of a non-repayable contribution, interest-free or interest-bearing loans; or loan guarantees.

Projects in Northumberland County and the northern portion of Kent County will be eligible for assistance from the fund.